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 Post subject: a free airplane for 5 years
PostPosted: 07 Jun 2022, 13:30 
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a friend of mine bought a cirrus sr22 about 5 years ago and just sold it for $200K more than he paid. he claimed he averaged $35K/YR all in to operate it, so pretty much had a free plane for 5 years


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 Post subject: Re: a free airplane for 5 years
PostPosted: 07 Jun 2022, 14:06 
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Username Protected wrote:
a friend of mine bought a cirrus sr22 about 5 years ago and just sold it for $200K more than he paid. he claimed he averaged $35K/YR all in to operate it, so pretty much had a free plane for 5 years


If he replaces that plane he is crazy.

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 Post subject: Re: a free airplane for 5 years
PostPosted: 07 Jun 2022, 14:50 
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I disagree.


He made $25k. :0


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 Post subject: Re: a free airplane for 5 years
PostPosted: 07 Jun 2022, 15:11 
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Based on https://www.bls.gov/data/inflation_calculator.htm

If he bought that Cirrus in Jan 2017 for $750k the inflation ate most of his 'gain' and he definitely didn't make any on that deal, if you count opex

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2022-06-07_14-10.png


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 Post subject: Re: a free airplane for 5 years
PostPosted: 07 Jun 2022, 16:09 
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You never get a free lunch. If he sells it he has no airplane. If he replaces it, he loses what he gained because he's buying into an inflated market. If he trades down he could see some benefit, but no way it's a net gain.

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 Post subject: Re: a free airplane for 5 years
PostPosted: 07 Jun 2022, 17:41 
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The IRS has entered the chat...


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 Post subject: Re: a free airplane for 5 years
PostPosted: 07 Jun 2022, 18:10 
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Good for him...

As long as he got out of flying.

Some can... Some can't...


I rather keep flying :peace:

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 Post subject: Re: a free airplane for 5 years
PostPosted: 07 Jun 2022, 18:22 
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The IRS has entered the chat...


Yes, despite inflation eating into the value of his dollars to the point he didn't really make anything, the IRS taxes you on absolute gains.

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 Post subject: Re: a free airplane for 5 years
PostPosted: 07 Jun 2022, 18:47 
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Username Protected wrote:
Based on https://www.bls.gov/data/inflation_calculator.htm

If he bought that Cirrus in Jan 2017 for $750k the inflation ate most of his 'gain' and he definitely didn't make any on that deal, if you count opex

Attachment:
2022-06-07_14-10.png


he bought a 2012 sr22 in 2017. he had an engineering consulting business that he sold to a larger company and didn't need the plane anymore. not sure what opex means but the $35k/yr incl all ownership costs


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 Post subject: Re: a free airplane for 5 years
PostPosted: 07 Jun 2022, 19:00 
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Joined: 01/23/13
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Company: Kokotele Guitar Works
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Username Protected wrote:
Based on https://www.bls.gov/data/inflation_calculator.htm

If he bought that Cirrus in Jan 2017 for $750k the inflation ate most of his 'gain' and he definitely didn't make any on that deal, if you count opex

Attachment:
2022-06-07_14-10.png


he bought a 2012 sr22 in 2017. he had an engineering consulting business that he sold to a larger company and didn't need the plane anymore. not sure what opex means but the $35k/yr incl all ownership costs


Opex=Operating Expenses.

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 Post subject: Re: a free airplane for 5 years
PostPosted: 07 Jun 2022, 19:43 
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he bought a 2012 sr22 in 2017. he had an engineering consulting business that he sold to a larger company and didn't need the plane anymore. not sure what opex means but the $35k/yr incl all ownership costs[/quote]

Opex=Operating Expenses.[/quote]

all ownership costs includes operating costs, does it sound low at $35k/yr?


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 Post subject: Re: a free airplane for 5 years
PostPosted: 07 Jun 2022, 19:47 
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Joined: 12/29/14
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Location: Brunswick, Ga
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Username Protected wrote:
he bought a 2012 sr22 in 2017. he had an engineering consulting business that he sold to a larger company and didn't need the plane anymore. not sure what opex means but the $35k/yr incl all ownership costs


Opex=Operating Expenses.[/quote]

all ownership costs includes operating costs, does it sound low at $35k/yr?[/quote]

Not really. I'm around 20k for the Lance.


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 Post subject: Re: a free airplane for 5 years
PostPosted: 07 Jun 2022, 19:53 
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Yeah well if he depreciated it as a business expense he will be really surprised when he has to pay taxes at the end of the year . . .


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 Post subject: Re: a free airplane for 5 years
PostPosted: 07 Jun 2022, 19:54 
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If you own an airplane and it helps you grow your business, that would be your ROI. You might pay for that $20-$35-$50k+ annual ownership cost many times over. Ask Ciholas about this.


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 Post subject: Re: a free airplane for 5 years
PostPosted: 07 Jun 2022, 20:50 
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Joined: 02/17/15
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Location: Bellevue WA
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Even though my airplane is not a true business expense it has saved enough time and added to my quality of life in ways that have made my business more successful.


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